PESHAWAR Speakers at a seminar highlighted the significance and importance of Islamic Banking system in the context of present scenario, saying that world is still concentrating on socialist and communist despite their failure. The Islamic Banking system is not only for Muslim, rather non-Muslims could also take same benefits, said speakers at a seminar titled Islamic Banking & Finance held on Monday, under the auspices of Sarhad University of Science & Technology. Prominent among the speakers included Vice Chancellor, Sarhad University of Science & Technology, Prof Dr Saleemur Rehman, Managing Director, Bank of Khyber, Bilal Mustafa, Director, Fast University, Ghayasul Haq, Director, Sheikh Zayd Islamic Centre, Dr Dost Mohammad, President BoK, Islamic Banking, Dr Mohammad Mushtaq, and Dr Habib from Management Sciences. Speakers expressed that Islamic Banking system is purely based on equal distribution of the wealth and handy for discouraging nurturing culture of interest in all over the world. 'If the wealth holds mere individual, it must be brought negative impacts on the entire society. Islamic Banking system is fully interest free by discouraging all forms of interest related dealings, they remarked. They observed that there was mere quest for Islamic Banking system in the society, whereas the rest of fields were unconceivable in this regard. Islamic Banking is the best one compared to different methodology and ideas. They maintained that Zakat and heredity systems are important component in Islamic financing, adding equal distribution of wealth would make possible through inheritance system as wealth randomly dividing amongst legal heirs, because of which the economy of every state will become more strength and strongest. Speakers observed that there would not be considered wealth as quest of life, but it should be exploited as source of life, and stressed the need for making improvement in banking system, if not do so, the Islamic World would further push toward dwindling situation. In the prevailing situation, they added that life without exploiting Islamic Banking would be more strain and difficult. He called for mutual and joint efforts for reinforcement of Islamic Banking by taking bankers, economists, and experts on board for the purpose. They informed that World is focusing on socialist and communist systems despite their ultimate failure, saying that the Islam has given complete and proper guidance to Muslims for any kind of fields and needs to abide on all those principle indicated in it.